Below you can see example partnership terms, earnings, and value of joining under our Pathway to Partnership program at Legacy Veterinary Group!
This opportunity is unique for our group in that the partnership is offered from the beginning and does not require the usual 3-year or revenue target basis for offering. Upon initiation of the employment contract, the doctor will be eligible for a Profits Interest Award of 10% of the outstanding shares of the practice.
This profit interest will be awarded if practice revenue is maintained at, or above, previous revenue levels during the first six months of employment. Two additional factors will be considered when making this award:
- ability to work together with our team according to our core values and
- positive feedback and initiative from the candidate about this practice and the group as a whole.
- A five-day work week that will total approximately 40 hours. After hours and weekend support by the Telemedicine Division of our firm.
- A cumulative total of 3 weeks PTO, annually. Doctor’s schedules are made monthly, and all efforts will be made to allow for personal time off.
- Working with the Legacy doctor for the first month and a second doctor will be rotated from the Doctor Community.
- Annual base salary of $150,000 paid in 26 installments and every two weeks. The term of the employment contract will be three years.
- Commission basis of 20% for doctor’s monthly revenue production more than $60,000 less carve outs for heartworm, flea/tick products, food sales, boarding and grooming. Earned commissions are paid quarterly.
- A $20,000 signing bonus to be paid upon execution of the employment contract.
- A relocation bonus of $10,000 for moving expenses,
- You and your family are eligible for health, dental and vision insurance.
- 401K retirement plan with allowance for contributions up to 6% of annual salary and company matching of up to 3%.
- Veterinary expenses for personal pets.
- Continuing education paid and time off allotted according to your Personal and Professional Development Plan. Minimum of 20 CE hours and $3500, annually, is allotted.
- Professional fees and dues paid for NCVMA and AVMA. Professional licensure paid for NCVMB, DEA, AVMA PLIT and NC Privilege License.
The value of this award is summarized above given the historical performance of FVC, the target summary noted previously and is consistent with other group practices. A practice of this size when viewed as a single practice will command about 4.5 to 5 times of the earned income. When considered part of a group of practices like ours, this value is typically 3 times this amount.